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Starlite Drive-In Closing

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  • #16
    Originally posted by ShockTalk View Post

    My understanding is that the inherited owner cashed out about $70,000 a year after clearing payments of all other obligations.

    My biggest question: In the Eagle, he was said to have told the public that he asked the county for a zoning change due to estate planning issues he wanted to resolve. Did he tell the zoning commission the same thing and if so, would their approval be made under false pretenses or did he tell them all along what he was gong to do?
    Normally, if you are facing an estate tax issue you would prefer not to change the zoning that would result in a higher valuation of the property. However, my guess is that estate taxes are not an issue this guy has under current tax law with a lifetime exemption of $11.2 million per person. You might want a higher value if you are not subject to paying estate taxes due to the high exemption but want to hold the property until your death so that when your heirs receive the property they receive a stepped up cost basis in the property equal to the date of death value at the time it is inherited which could be of value in minimizing capital gains to them if they eventually sell the property at its highest and best use.

    Generally, though I'm not buying the estate planning angle. His actions seem to make it pretty clear that he wanted the zoning change to be able to sell at a higher price.

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    • ShockTalk
      ShockTalk commented
      Editing a comment
      Totally agree. I didn't buy the estate planning angle to start with. Thus, what did the zoning commission hear? I'm a little surprised there was no noticed to surrounding properties of a requested zoning change.

  • #17
    Sounds like efforts to save Starklite may well be dead primarily becasue Bucinski sold the digital projectors already. The projectors that were purchased for $187,000 in 2013 were sold for $25,000. Maybe something can still be worked out but I wouldn't hold my breath.

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    • #18
      Bucinski is a soulless bastard of the highest order
      The boundaries which divide Life from Death are at best shadowy and vague. Who shall say where the one ends, and where the other begins?

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      • ShockTalk
        ShockTalk commented
        Editing a comment
        He's more of a Buttinski.
        Last edited by ShockTalk; November 14, 2018, 03:23 PM.

    • #19
      Hope that $750K sets him for life, because his actions in this process cast him in a really unflattering light. Seriously... what a scumbag. Sure, it's his property, but the former owner would have never conveyed it too him had he known he was going to do this. Make yourself unemployable and piss on the grave of a very giving person all in one fell swoop.

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      • ShockTalk
        ShockTalk commented
        Editing a comment
        Add to that, pissing on the Wichita public who basically raised most of the funds to buy the projectors and then 4 years later, sell them for only15% of what was paid for them.

    • #20
      The developer did the right thing. But it looks like Chuck is finally gonna get that speed boat and a girlfriend with some new boobies!
      Kung Wu say, man making mistake in elevator wrong on many levels.

      Comment


      • ShockTalk
        ShockTalk commented
        Editing a comment
        Hopefully, after she gets them, she'll find a way to take him for whatever else he has.

      • Kung Wu
        Kung Wu commented
        Editing a comment
        Nah, his wife will do that.

    • #21
      Real estate deal saves Wichita's Starlite Drive-In

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      • #22
        Now THAT's peer pressure folks!
        Kung Wu say, man making mistake in elevator wrong on many levels.

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        • #23
          Are we mistaking nostalgia for passion for the drive-in? If there was real passion then it would never have gotten to this point.

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          • #24
            Originally posted by SB Shock View Post
            Are we mistaking nostalgia for passion for the drive-in? If there was real passion then it would never have gotten to this point.
            Not necessarily. "Buttinski" was out for the fast buck. Let a little time pass by, say his attorney told him he needed some estate planning by getting a zoning change, and sell it as fast and quietly as he could (and the projectors after the cat was out of the box), and leave for Colorado with pockets filled. This guy had only one thing on his mind since getting this windfall.

            Glad things worked out as they did. Yes, he's still a Buttinski.

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